factbook 2015

ADEKA CORPORATION
(TSE 1st Section/4401)
FACTBOOK 2015
For the fiscal year ended March 31, 2015
Contents
Corporate Profile
Consolidated Balance Sheet
1
5
Consolidated Statement of Income
7
Consolidated Statement of Changes
in Equity
Consolidated Statement of Cash Flows
8
9
Information by Business Segment,
Region and Other
Profitability Indicators
10
Efficiency Indicators
12
Stability Indicators
13
Stock Information
14
11
Corporate Profile
Company Outline (as of March 31, 2015)
Company name
ADEKA CORPORATION
URL
http://www.adeka.co.jp/en/
Head office
7-2-35 Higashi-ogu, Arakawa-ku, Tokyo 116-8554, Japan
Established
January 27, 1917
Paid-in capital
\22.8 billion
Representative
Akio Kohri, Representative Director and President
No. of employees
3,099 (consolidated)
Management Policies
Work hard to be a forward-looking organization by staying on the cutting edge
Be a respected member of the world community
Aim for larger global presence by focusing on highly competitive and technologically
superior product groups in the world market.
While focusing on growing markets with unique excellent technology, we are striving to
be the leader in the specific market categories where our group is strongly competitive
and contributing to promoting global welfare by providing the market with state-of-theart products and products truly responding to needs of our customers.
Fundamental CSR Policy
Gentle Harmony
between People and
Technology
Fundamental
CSR Policy
Harmony with
Society
Perceiving changes in trends sharply and constantly, the ADEKA Group aims to create
new products and technologies, taking into account their impacts on the environment
and society.
While required to provide socially demanded and valuable things, the Group believes
that it should put priority on “gentle harmony between people and technology” as a
company aiming to develop a better community.
Furthermore, the Group considers it necessary to continue corporate efforts to create
common values in partnership with stakeholders, striving to achieve “harmony with
society” in terms of various environmental and social issues, in addition to social
contribution through provision of products and technologies, as a respected member of
the world community.
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
1
Corporate Profile
History
1917
Asahi Denka Kogyo K.K. (now ADEKA CORPORATION) was established to produce chlorine and caustic soda
by salt electrolysis
1929
Started the manufacture of RISU BRAND margarine
1949
Listed its stock on the first section of the Tokyo Stock Exchange
1964
Moved head office to Nihonbashi, Chuo-ku, Tokyo
1999
Completed the new building at the Ogu R&D Laboratory
2000
Established Asahi Denka Korea Corp. in South Korea (changed company name to ADEKA KOREA CORP. in 2006)
2001
2002
2003
2004
Established ADEKA PALMAROLE SAS in France
Established Asahi Denka Shanghai Co., Ltd. in China (changed company name to ADEKA (SHANGHAI) CO., LTD. in 2006)
Established Asahi Fine Chemical (Shanghai) Co., Ltd. in China
(changed company name to ADEKA FINE CHEMICAL (SHANGHAI) CO., LTD. in 2006)
Established ADEKA FINE CHEMICAL (CHANGSHU) CO., LTD. in China
Established Asahi Denka (Asia) Pte. Ltd. in Singapore (changed company name to ADEKA (ASIA) PTE. LTD. in 2006)
Established Asahi Denka U.S.A., Inc. (changed company name to ADEKA USA CORP. in 2006)
Established Asahi Foods (Changshu) Co., Ltd. in China
(changed company name to ADEKA FOODS (CHANGSHU) CO., LTD. in 2006)
Established ADEKA FINE CHEMICAL (THAILAND) CO., LTD. in Thailand
Established ADEKA FINE CHEMICAL TAIWAN CORP. in Taiwan
2006
Changed company name to ADEKA CORPORATION
Built head office building in Arakawa-ku, Tokyo
2007
ADEKA INDIA PVT. LTD. established in India
2011
Established ADEKA AL GHURAIR ADDITIVES LLC in UAE (manufacturing and sales of polymer additives)
2012
AMFINE CHEMICAL CORP. established AM STABILIZERS CORP. in the U.S.A.
(manufacturing and sales of polymer additives)
AM STABILIZERS CORP. acquired the PVC stabilizer business from Hammond Group Inc. in the U.S.A.
Established ADEKA BRASIL LTDA. in Brazil (sales support and market development of ADEKA Group’s products)
Established ADEKA FOODS (ASIA) SDN. BHD. in Malaysia (manufacturing and sales of food processing oils and fats)
Trend of Business Performance
(¥ million)
Domestic sales
Overseas sales
Overseas sales ratio
300,000
34.4%
200,000
25.7%
22.5%
23.6%
37,206
41,106
127,837
133,178
142,560
139,594
FY3/06
FY3/07
FY3/08
FY3/09
49,427
20.8%
36,592
23.0%
27.1%
43.3%
29.3%
82,075
92,750
121,223
122,274
121,569
FY3/13
FY3/14
FY3/15
48,243
50,126
63,661
123,220
129,954
120,690
FY3/10
FY3/11
FY3/12
36,777
40.2%
100,000
0
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
2
Corporate Profile
Consolidated Subsidiaries
(in order of consolidation)
Company name
Country
Company name
Country
ADEKA CHEMICAL SUPPLY CORP.
Japan
ADEKA (ASIA) PTE. LTD.
Singapore
ADEKA CLEAN AID CORP.
Japan
ADEKA EUROPE GmbH
Germany
ADEKA FINE FOODS CORP.
Japan
ADEKA FINE CHEMICAL TAIWAN CORP.
Taiwan
ADEKA ENGINEERING & CONSTRUCTION CORP.
Japan
ADEKA PALMAROLE SAS
France
AMFINE CHEMICAL CORP.
ADEKA (SHANGHAI) CO., LTD.
China
Singapore
USA
ADEKA FINE CHEMICAL (SHANGHAI) CO., LTD.
China
OXIRANE CHEMICAL CORP.
Japan
ADEKA FINE CHEMICAL (CHANGSHU) CO., LTD.
China
ADEKA FOODS SALES CORP.
Japan
ADEKA LIFE-CREATE CORP.
Japan
ADEKA LOGISTICS CORP.
Japan
UEHARA FOODS INDUSTRY CO., LTD.
Japan
ADEKA (SINGAPORE) PTE. LTD.
CHANG CHIANG CHEMICAL CO., LTD.
Taiwan
YONGO CO., LTD.
ADEKA FINE CHEMICAL (THAILAND) CO., LTD.
Japan
ADEKA KOREA CORP.
Thailand
ADEKA FOODS (CHANGSHU) CO., LTD.
South Korea
China
AM STABILIZERS CORP.
USA
Global Network
[ Domestic Bases]
Office/Main Branch/Branch/Regional Office
Plants
Head Office
Tokyo
Kashima Plant
Ibaraki Pref.
Ogu R&D Laboratory
Tokyo
Osaka Main Branch
Osaka Pref.
Chiba Plant
Chiba Pref.
Urawa R&D Laboratory
Saitama Pref.
Nagoya Branch
Aichi Pref.
Mie Plant
Mie Pref.
Kuki R&D Laboratory
Saitama Pref.
Fukuoka Branch
Fukuoka Pref.
Fuji Plant
Shizuoka Pref.
Kansai Food Development Section
Osaka Pref.
Sapporo Regional Office
Hokkaido Pref.
Akashi Plant
Hyogo Pref.
Sendai Regional Office
Miyagi Pref.
Soma Plant
Fukushima Pref.
[ Overseas Bases]
ADEKA PALMAROLE SAS (France)
ADEKA Europe GmbH (Germany)
R&D Laboratories
ADEKA (SHANGHAI) CO.,
ADEKA FINE CHEMICAL (SHANGHAI) CO.,
ADEKA FINE CHEMICAL (CHANGSHU) CO.,
ADEKA FOODS (CHANGSHU) CO.,
CHANG CHIANG CHEMICAL (SHANGHAI) CO.,
KUKDO CHEMICAL (KUNSHAN) CO.,
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
(China)
(China)
(China)
(China)
ADEKA USA CORP. (USA)
(China) AMFINE CHEMICAL CORP. (USA)
(China)
AM STABILIZERS CORP. (USA)
ADEKA CORPORATION
ADEKA KOREA CORP. (South Korea)
ADEKA BRASIL LTDA. (Brazil)
CHANG CHIANG CHEMICAL CO., LTD. (Taiwan)
ADEKA FINE CHEMICAL TAIWAN CORP. (Taiwan)
ADEKA AL GHURAIR ADDITIVES LLC
(UAE)
ADEKA INDIA PVT. LTD. (India)
ADEKA (ASIA) PTE. LTD. (Singapore)
ADEKA (SINGAPORE) PTE. LTD. (Singapore)
ADEKA FINE CHEMICAL (THAILAND) CO., LTD. (Thailand)
ADEKA FOODS (ASIA) SDN. BHD. (Malaysia)
FELDA IFFCO OIL PRODUCTS SDN. BHD. (Malaysia)
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
3
Corporate Profile
Business Segments
ADEKA’s core business consists of Chemicals and Food products.
Chemicals
Electronics and IT materials (Information & Electronics materials)
Core products:
High-purity materials for semiconductors, AFES system and etching agents, optical hardening resins,
optical recording materials, imaging materials, and others
Functional chemicals (Polymer additives, Surface specialties, Functional polymers)
Core products:
Additives for polyolefins, PVC plasticizers/stabilizers, flame retardants, epoxy resins, polyurethanes,
water-borne resins, surfactants, lubricant, kitchen detergents, cosmetic raw materials, and others
Commodity chemicals (Chemicals for industry, Inorganic products, Peroxygen chemicals,
Civil engineering & Construction materials）
Core products:
Propropylene glycol, hydrogen peroxide, industrial fats and oil-induced products, water-swelling sealing
materials, and others
Food Products
Food products（Processed oil and fats, Processed foods）
Core products:
Margarines, shortenings, oils and fats for chocolate, oils and fats for frying,
whipping cream, enriched milk products, fillings, frozen pie crusts,
mayonnaise dressing, functional foods, and others
Other
Construction and construction management, logistic services, real estate, and others
Consolidated net sales and operating income by business segment
Other
Food products
Net sales
¥57,639 million
26.9%
Operating income
¥1,169 million
8.0%
Chemicals
FY3/15
Consolidated
net sales
¥214,319 mil.
Consolidated
operating income
¥14,608 mil.
Net sales
¥ 150,057 million
70.0%
Operating income
¥ 12,919 million
88.4%
Note: Operating income by business segment are before adjustment.
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
4
Consolidated Balance Sheet
（\ million）
FY3/11 end
FY3/12 end
FY3/13 end
FY3/14 end
FY3/15 end
Assets
Current assets
Cash and deposits
25,163
24,901
28,311
37,493
40,625
Notes and accounts receivable - trade
38,581
40,306
39,839
42,912
44,881
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
9,627
7,129
7,230
3,232
3,233
12,169
14,517
17,095
18,328
21,567
3,261
3,941
4,282
4,603
4,451
13,026
13,212
13,473
13,498
14,061
Deferred tax assets
1,876
1,981
1,806
1,826
1,704
Other
3,358
4,236
4,560
5,036
5,262
Allowance for doubtful accounts
Total current assets
(217)
106,847
(218)
110,009
(307)
116,293
(327)
126,604
(208)
135,580
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
49,882
50,625
53,565
56,368
58,432
(31,352)
(32,050)
(32,888)
(34,488)
(35,911)
18,530
18,575
20,677
21,879
22,520
98,543
102,388
108,312
113,601
119,563
(77,299)
(80,670)
(85,551)
(91,626)
(96,357)
21,244
21,718
22,761
21,975
23,206
20,562
20,423
20,800
21,310
21,275
1,471
1,765
1,957
(411)
(580)
(797)
2,173
2,003
(1,042)
(1,004)
1,060
1,184
1,160
1,130
998
2,546
2,817
2,517
2,935
3,817
20,715
21,301
22,445
24,330
25,985
(16,610)
(17,438)
(18,379)
(19,735)
(21,163)
4,104
3,862
4,065
4,595
4,822
68,049
68,582
71,983
73,826
76,640
Intangible assets
Goodwill
－
－
245
244
217
Software
2,561
2,026
1,721
1,324
793
Software in progress
59
157
－
－
－
Leased assets
52
105
111
80
77
Other
859
949
1,393
1,999
2,372
3,533
3,237
3,471
3,649
3,460
23,102
23,023
24,429
29,560
36,627
351
481
701
1,296
2,399
Deferred tax assets
3,022
2,970
2,755
4,532
3,100
Other
3,283
2,814
3,304
3,598
3,592
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
(411)
(353)
(333)
(326)
28,937
30,856
100,932
100,757
106,311
116,137
125,553
207,779
210,766
222,604
242,741
261,133
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
38,661
(267)
29,349
45,452
5
Consolidated Balance Sheet
（\ million）
FY3/11 end
FY3/12 end
FY3/13 end
FY3/14 end
FY3/15 end
Liabilities
Current liabilities
Notes and accounts payable - trade
31,334
33,170
32,535
32,328
34,407
Short-term loans payable
11,472
13,060
13,476
16,216
17,585
Lease obligations
202
241
308
265
262
Income taxes payable
2,418
1,452
1,700
2,550
1,973
Provision for bonuses
2,009
1,924
1,948
2,028
2,041
39
39
48
50
60
1,497
－
－
－
－
Provision for directors' bonuses
Provision for loss on disaster
Other
Total current liabilities
4,901
10,931
5,081
8,968
13,161
53,876
60,820
55,099
62,407
69,493
10,529
4,938
13,377
12,191
7,466
Non-current liabilities
Long-term loans payable
Lease obligations
777
932
926
950
817
Deferred tax liabilities
470
470
546
588
630
Deferred tax liabilities for land revaluation
4,690
4,072
4,021
4,021
3,605
Provision for retirement benefits
8,526
8,869
9,400
－
－
168
124
106
132
152
－
－
－
12,788
13,806
Provision for directors' retirement benefits
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
1,955
1,938
1,897
1,863
1,907
27,118
21,345
30,277
32,535
28,385
80,995
82,166
85,376
94,943
97,878
Net assets
Shareholders' equity
Capital stock
22,899
22,899
22,899
22,899
22,899
Capital surplus
19,925
19,925
19,925
19,925
19,925
Retained earnings
78,647
80,225
85,660
92,438
101,629
Treasury shares
(224)
Total shareholders' equity
121,248
(224)
122,826
(224)
128,260
(225)
135,038
(226)
144,228
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
1,001
984
1,868
3,050
6,363
Revaluation reserve for land
3,270
3,791
3,697
3,794
4,095
(1,964)
(2,353)
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interests
(746)
－
－
－
2,307
2,422
4,819
2,441
4,360
(1,854)
(2,108)
7,431
12,711
3,228
3,351
4,147
5,328
6,315
Total net assets
126,784
128,600
137,227
147,798
163,255
Total liabilities and net assets
207,779
210,766
222,604
242,741
261,133
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
6
Consolidated Statement of Income
（\ million）
FY3/11
Net sales
FY3/12
FY3/13
FY3/14
FY3/15
178,198
170,817
184,885
204,350
214,319
Cost of sales
135,801
134,959
146,331
160,072
167,643
Gross profit
42,397
35,858
38,553
44,278
46,676
Selling, general and administrative expenses
27,815
27,516
28,698
30,467
32,068
14,581
8,342
9,855
13,811
14,608
Interest income
97
108
115
163
280
Dividend income
293
321
318
522
459
Share of profit of entities accounted for using equity method
440
204
883
1,448
1,792
508
Operating income
Non-operating income
Foreign exchange gains
Other
Total non-operating income
－
－
490
816
316
465
580
310
382
1,148
1,101
2,388
3,261
3,422
380
378
414
465
462
－
91
93
223
－
537
96
－
－
－
Non-operating expenses
Interest expenses
Loss on abandonment of inventories
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
437
249
412
424
469
1,355
814
919
1,112
931
14,374
8,628
11,324
15,959
17,099
－
148
－
－
－
110
－
－
－
－
Extraordinary income
Gain on reversal of provision for loss on disaster
Insurance income
Gain on sales of shares of subsidiaries and associates
－
－
－
68
－
110
148
－
68
－
Loss on abandonment of non-current assets
367
387
317
158
181
Loss on valuation of investment securities
576
397
74
－
－
Impairment loss
104
－
－
3,048
128
101
－
－
－
－
1,922
305
－
－
－
181
－
－
－
－
Loss on withdrawal from a joint venture
－
1,487
143
－
－
Logistic bases closing expenses
－
－
－
97
83
Total extraordinary income
Extraordinary losses
Loss on adjustment for changes of accounting standard
for asset retirement obligations
Loss on disaster
Loss on fire accident
Total extraordinary losses
Income before income taxes and minority interests
Income taxes - current
Income taxes - deferred
3,254
2,578
535
3,304
393
11,230
6,198
10,788
12,724
16,705
4,192
2,103
2,921
4,392
4,073
(103)
30
(27)
(1,422)
387
Total income taxes
4,089
2,134
2,894
2,969
4,461
Income before minority interests
7,141
4,064
7,894
9,754
12,244
220
267
277
602
671
6,921
3,797
7,616
9,152
11,573
Minority interests in income
Net income
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
7
Consolidated Statement of Changes in Equity
FY3/14
Shareholders' equity
Accumulated other comprehensive income
Valuation
（\ million）
Capital
Capital
Retained
Treasury
stock
surplus
earnings
shares
difference
Total
shareholders'
equity
on
availablefor-sale
Revaluation
reserve
for land
Foreign
currency
translation
adjustment
securities
Balance at beginning of current period
22,899
19,925
85,660
(224)
128,260
Cumulative effects of changes in
3,697
Total
ments of
accumulated
defined
other
benefit
comprehensive
plans
income
(746)
－
4,819
Minority
interests
4,147
Total
net
assets
137,227
－
accounting policies
Restated balance
1,868
Remeasure-
22,899
19,925
85,660
(224)
128,260
－
1,868
3,697
(746)
－
4,819
4,147
137,227
Changes of items during period
Dividends of surplus
Net income
Reversal of revaluation reserve for land
(2,276)
(2,276)
(2,276)
9,152
9,152
9,152
(97)
Purchase of treasury shares
(97)
(97)
(0)
(0)
(0)
Net changes of items other than
1,181
shareholders' equity
Total changes of items during period
Balance at end of current period
97
3,187
(1,854)
2,611
1,180
3,792
－
－
6,778
(0)
6,777
1,181
97
3,187
(1,854)
2,611
1,180
10,570
22,899
19,925
92,438
(225)
135,038
3,050
3,794
2,441
(1,854)
7,431
5,328
147,798
FY3/15
Shareholders' equity
Accumulated other comprehensive income
Valuation
（\ million）
Capital
Capital
Retained
Treasury
stock
surplus
earnings
shares
difference
Total
shareholders'
equity
on
availablefor-sale
Revaluation
reserve
for land
Foreign
currency
translation
adjustment
securities
Balance at beginning of current period
22,899
19,925
Cumulative effects of changes in
(225)
(74)
accounting policies
Restated balance
92,438
22,899
19,925
92,364
135,038
3,050
3,794
2,441
Remeasure-
Total
ments of
accumulated
defined
other
benefit
comprehensive
plans
income
(1,854)
7,431
Minority
interests
5,328
(74)
(225)
134,964
Total
net
assets
147,798
(74)
3,050
3,794
2,441
(1,854)
7,431
5,328
147,723
Changes of items during period
Dividends of surplus
(2,379)
(2,379)
(2,379)
Net income
11,573
11,573
11,573
72
72
(0)
(0)
Reversal of revaluation reserve for land
72
Purchase of treasury shares
(0)
Net changes of items other than
3,313
shareholders' equity
Total changes of items during period
Balance at end of current period
300
1,918
(253)
5,279
986
6,266
－
－
9,265
(0)
9,264
3,313
300
1,918
(253)
5,279
986
15,531
22,899
19,925
101,629
(226)
144,228
6,363
4,095
4,360
(2,108)
12,711
6,315
163,255
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
8
Consolidated Statement of Cash Flows
（\ million）
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Impairment loss
Loss (gain) on valuation of investment securities
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss on withdrawal from a joint venture
Increase (decrease) in provision for loss on disaster
Loss on abandonment of non-current assets
11,230
6,198
10,788
12,724
16,705
8,008
8,122
8,638
9,418
9,463
－
－
－
3,048
128
576
397
74
－
(391)
(430)
(433)
380
378
414
(440)
(204)
(883)
－
1,497
367
1,487
(1,497)
387
(686)
465
(1,448)
－
－
－
－
317
158
181
(2,980)
(2,107)
1,671
(504)
Decrease (increase) in inventories
(1,711)
(3,507)
(1,464)
712
3,449
2,224
(1,771)
Increase (decrease) in notes and accounts payable - trade
(461)
Subtotal
19,525
Interest and dividend income received
Interest expenses paid
Proceeds from insurance income for accident and disaster
Payments for withdrawal from a joint venture
Income taxes paid
10,509
(2,311)
23,002
22,055
1,073
589
585
754
(412)
(464)
110
106
－
－
7,751
1,139
18,077
(373)
16,200
(637)
(2,405)
1,425
750
(3,080)
－
582
(378)
(3,806)
Net cash provided by (used in) operating activities
(939)
462
(1,792)
143
Decrease (increase) in notes and accounts receivable - trade
Other, net
－
(739)
97
(1,156)
－
－
(449)
(458)
－
－
(2,744)
(3,595)
(4,648)
14,445
19,696
18,021
(5,200)
Cash flows from investing activities
Purchase of securities
(20,989)
(21,497)
(23,097)
(4,200)
Proceeds from sales and redemption of securities
18,011
24,005
23,003
8,201
Purchase of property, plant and equipment
(6,478)
(7,833)
(10,146)
(10,881)
(10,052)
(638)
(487)
(549)
(1,106)
(789)
Purchase of intangible assets
Purchase of investment securities
－
Purchase of shares of subsidiaries and associates
－
Payments for transfer of business
Other, net
－
(551)
Net cash provided by (used in) investing activities
(10,646)
－
(414)
－
1,803
(4,424)
－
(376)
(1,220)
483
(11,903)
5,200
(1,913)
(712)
(406)
(203)
－
－
(212)
(1,229)
(10,519)
(12,987)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
(2,149)
214
1,762
(392)
247
8,874
1,323
508
876
2,000
(548)
(440)
(5,915)
(502)
(2,649)
(2,277)
(2,275)
(2,277)
(2,276)
(2,382)
(45)
(57)
(105)
(113)
(154)
(239)
(200)
(10)
(380)
(279)
(5,046)
(964)
173
(1,074)
(2,956)
(460)
48
(163)
2,199
739
1,356
949
3,455
9,459
3,027
Cash and cash equivalents at beginning of period
23,507
23,555
25,755
29,210
38,670
Cash and cash equivalents at end of period
23,555
25,755
29,210
38,670
41,697
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
9
Information by Business Segment, Region and Other
(\100 million)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
1,781
1,708
1,848
2,043
2,143
1,225
1,171
1,259
1,435
1,500
Electronic and IT materials
168
181
200
206
203
Functional chemicals
809
790
886
1,047
1,137
Commodity chemicals
246
198
171
180
159
511
492
535
553
576
44
43
53
54
66
By business segment
Net sales
Chemicals
Food products
Other
Operating income
145
83
98
138
146
116
77
73
108
129
Electronic and IT materials
31
30
27
36
36
Functional chemicals
70
45
49
78
84
Commodity chemicals
13
0
(3)
(7)
24
0
19
23
11
4
5
5
5
5
Chemicals
Food Products
Other
(￥ million)
FY3/11
FY3/12
FY3/13
FY3/14
8
FY3/15
By region
Net sales
Japan
178,198
170,817
184,885
204,350
214,319
129,954
120,690
121,223
122,274
121,569
Asia
36,622
38,210
46,701
56,577
62,451
Other
11,621
11,916
16,960
25,498
30,298
Composition ratio
Net sales
100.0%
100.0%
100.0%
100.0%
100.0%
Japan
72.9%
70.7%
65.6%
59.8%
56.7%
Asia
20.6%
22.4%
25.3%
27.7%
29.1%
6.5%
6.9%
9.1%
12.5%
14.2%
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Other
(￥ million)
Other information
Capital investment
7,266
9,134
11,448
12,282
Chemicals
5,866
7,973
8,057
8,491
7,392
Food products
1,346
1,142
2,381
3,077
3,440
52
55
1,060
808
16
1
(37)
(94)
129
Other
Adjustment
Depreciation and amortization
(51)
10,978
8,008
8,122
8,638
9,418
9,463
Chemicals
6,172
6,305
6,739
7,408
7,428
Food products
1,807
1,770
1,860
1,959
1,990
62
77
75
87
93
(34)
(32)
(37)
(36)
(48)
Other
Adjustment
Research and development expenses
R&D ratio
7,339
4.1%
7,101
4.2%
7,614
4.1%
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
7,988
3.9%
8,247
3.8%
10
Profitability Indicators
(￥ million)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
178,198
170,817
184,885
204,350
214,319
Gross profit
42,397
35,858
38,553
44,278
46,676
SG&A expenses
27,815
27,516
28,698
30,467
32,068
Operating income
14,581
8,342
9,855
13,811
14,608
Ordinary income
14,374
8,628
11,324
15,959
17,099
6,921
3,797
7,616
9,152
11,573
Net sales
Net income
(%)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Gross profit margin
23.8
21.0
20.9
21.7
21.8
SG&A expenses ratio
15.6
16.1
15.5
14.9
15.0
Operating income margin
8.2
4.9
5.3
6.8
6.8
Ordinary income margin
8.1
5.1
6.1
7.8
8.0
Net income margin
3.9
2.2
4.1
4.5
5.4
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Return on assets（ROA）
3.4
1.8
3.5
3.9
4.6
Return on equity（ROE）
5.7
3.1
5.9
6.6
7.7
(％)
Gross profit margin=Gross profit/Net sales
ROA=Net income/Average total assets
SG&A expenses ratio=SG&A expenses/Net sales
ROE=Net sales/Average equity
Operating income margin=Operating income/Net sales
Ordinary income margin=Ordinary income/Net sales
Net income margin=Net income/Net sales
Net income margin
Operating income margin
(¥ million)
Operating income
Operating income margin
Net sales
(%)
(¥ million)
250,000
15.0
250,000
200,000
12.0
200,000
150,000
9.0
150,000
100,000
6.0
100,000
50,000
3.0
50,000
0.0
0
Net income
Net income margin
Net sales
(%)
8.0
6.0
4.0
0
FY3/11
FY3/12
FY3/13
FY3/14
2.0
0.0
FY3/11
FY3/15
FY3/12
FY3/13
FY3/14
FY3/15
Return on equity (ROE)
Return on assets (ROA)
Net income
Average total assets
Return on assets（ROA）
Net income
Average equity
Return on equity（ROE）
(%)
(¥ million)
5.0
200,000
240,000
4.0
160,000
8.0
180,000
3.0
120,000
6.0
120,000
2.0
80,000
4.0
60,000
1.0
40,000
2.0
0.0
0
(¥ million)
300,000
0
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
(%)
10.0
0.0
FY3/11
FY3/12
FY3/13
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
FY3/14
FY3/15
11
Efficiency Indicators
(￥ million)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Net sales
178,198
170,817
184,885
204,350
214,319
Cost of sales
135,801
134,959
146,331
160,072
167,643
Total assets
207,779
210,766
222,604
242,741
261,133
Inventories
28,456
31,670
34,850
36,429
40,079
Accounts receivable
38,581
40,306
39,839
42,912
44,881
Accounts payable
31,334
33,170
32,535
32,328
34,407
(times)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Total assets turnover
0.9
0.8
0.9
0.9
0.9
Inventories turnover
6.4
5.7
5.6
5.7
5.6
Accounts receivable turnover
4.8
4.3
4.6
4.9
4.9
Accounts payable turnover
4.5
4.2
4.5
4.9
5.0
Total assets turnover=Net sales/Average total assets
Inventories turnover=Net sales/Average inventories
Accounts receivable turnover=Net sales/Average accounts receivable
Accounts payable turnover=Cost of sales/Average accounts payable
Total assets turnover
(times)
Inventories turnover
(times)
8.0
1.5
6.0
1.0
4.0
0.5
2.0
0.0
0.0
FY3/11
FY3/12
FY3/13
FY3/14
FY3/11
FY3/15
Accounts receivable turnover
8.0
(times)
8.0
6.0
6.0
4.0
4.0
2.0
2.0
(times)
FY3/12
FY3/13
FY3/14
FY3/15
Accounts payable turnover
0.0
0.0
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
FY3/11
FY3/12
FY3/13
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
FY3/14
FY3/15
12
Stability Indicators
(￥ million)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Equity
123,555
125,249
133,080
142,469
156,939
Total assets
207,779
210,766
222,604
242,741
261,133
Non-current assets
100,932
100,757
106,311
116,137
125,553
Current assets
106,847
110,009
116,293
126,604
135,580
Current liabilities
53,876
60,820
55,099
62,407
69,493
Interest-bearing debt
23,446
24,992
28,513
32,222
33,123
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
60.1
Equity ratio (%)
59.5
59.4
59.8
58.7
Non-current ratio (%)
81.7
80.4
79.9
81.5
80.0
198.3
180.9
211.1
202.9
195.1
Current ratio (%)
Interest-bearing debt ratio (%)
11.3
11.9
12.8
13.3
12.7
Interest coverage ratio (times)
42.8
20.8
35.0
42.4
39.3
Equity ratio=Equity/Total assets
Non-current ratio=Non-current assets/Equity
Current ratio=Current assets/Current liabilities
Interest-bearing debt ratio＝Interest-bearing debt/Total assets
Interest coverage ratio=Operating CF/Interest expenses paid
Non-current ratio/Current ratio
Equity ratio
(%)
（％）
100.0
250.0
240,000
80.0
200.0
180,000
60.0
150.0
120,000
40.0
100.0
60,000
20.0
50.0
(¥ million)
300,000
Equity
Total assets
Equity ratio
0
0.0
FY3/11
FY3/12
FY3/13
FY3/14
Interest-bearing debt ratio
FY3/11
（times）
15.0
50.0
240,000
12.0
40.0
180,000
9.0
30.0
120,000
6.0
20.0
60,000
3.0
10.0
0.0
0.0
300,000
Interest-bearing debt
Interest-bearing debt ratio
Total assets
0
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
Current ratio
0.0
FY3/15
(%)
(¥ million)
Non-current ratio
FY3/12
FY3/13
FY3/14
FY3/15
Interest coverage ratio
FY3/11
FY3/12
FY3/13
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
FY3/14
FY3/15
13
Stock Information
Stock Price / Other Indicators
(￥)
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
811
786
803
1,190
1,554
640-983
708-843
537-858
752-1,210
1,084-1,571
67.01
36.76
73.74
88.61
112.05
1,196.22
1,212.61
1,288.44
1,379.36
1,519.46
22.00
22.00
22.00
22.00
26.00
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
12.10
21.38
10.89
13.43
13.87
0.68
0.65
0.62
0.86
1.02
FY3/11
FY3/12
FY3/13
FY3/14
FY3/15
32.8
59.8
29.9
24.9
23.2
1.9
1.8
1.7
1.5
1.6
Stock price at term end
Closing stock price range for the last 12 months
Earnings per share (EPS)
Book-value per share (BPS)
Dividend per share (DPS)
(times)
Price earnings ratio (PER)
Price book-value ratio (PBR)
(%)
Dividend payout ratio
Dividend on equity (DOE)
DOE=Total dividend paid/Net assets
Major Shareholders
as of March 31, 2015
Shareholders
Number of shares
Shareholding ratio
(thousand shares)
(%)
Japan Trustee Services Bank, Ltd. (Trust Account)
4,473
4.32
ASAHI MUTUAL LIFE INSURANCE CO.
4,053
3.91
NOTHERN TRUST CO. (AVFC) RE 15PCT TREATY ACCOUNT
4,035
3.89
3,770
3.64
JP MORGAN CHASE BANK 380634
3,018
2.91
The Master Trust Bank of Japan, Ltd. (Trust Account)
2,870
2.77
National Mutual Insurance Federation of Agricultural Cooperatives
2,687
2.59
ADEKA Business Partners Shareholdings Association
2,656
2.56
The Norinchukin Bank
2,244
2.16
ZEON CORPORATION
1,881
1.82
Trust & Custody Services Bank, Ltd. as trustee for Mizuho Bank, Ltd. Retirement
Benefit Trust Account re-entrusted by Mizuho Trust and Banking Co., Ltd.
Breakdown by Type of Shareholders
Individuals and others
Other Japanese companies
Financial instruments business operators
FY3/15
10.66%
FY3/14
11.64%
FY3/13
13.36%
0%
30.21%
29.78%
22.12%
20%
Foreign institutions and others
Financial institutions
19.97%
37.96%
1.2%
19.56%
38.46%
0.56%
18.48%
40%
45.18%
60%
80%
Copyright © 2015 ADEKA CORPORATION All Rights Reserved.
0.86%
100%
14
ADEKA CORPORATION
LEGAL AFFAIRS & PUBLICITY DEPARTMENT
Phone: +81-3-4455-2803
E-mail: [email protected]